Saudi Arabia blasts release of emergency oil stocks as a bid to 'manipulate markets', the latest apparent salvo in a spat with US over oil production
Countries"depleting their emergency stocks" use it as a mechanism to"manipulate markets", says Energy Minister Prince Abdulaziz bin Salman, a week after US decided to release 15 million barrels from strategic oil reserves to tame prices.
"People are depleting their emergency stocks, had depleted it, used it as a mechanism to manipulate markets while its profound purpose was to mitigate the shortage of supply," Prince Abdulaziz bin Salman told an investor conference in the Saudi capital on Tuesday. That tranche was to complete a 180-million-barrel release authorised in the spring, in response to price hikes linked to Russia's offensive in Ukraine.
Asked about getting the decades-old partnership between Riyadh and Washington back on track, he said: "I think we as Saudi Arabia decided to be the mature guys and let the dice fall."Temporary tensions? Also speaking at the Riyadh conference, Saudi Investment Minister Khalid al Falih described the dust-up with the United States as "unwarranted" and temporary.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi energy minister says countries should not misuse oil stocksSaudi Arabia's energy minister Prince Abdulaziz bin Salman said on Tuesday some countries were using their emergency stocks to manipulate markets when their purpose should be to mitigate any shortages of supply.
Read more »
The first 'truly global energy crisis' is here, says International Energy Agency chiefThe global energy crisis is unprecedented, says the head of the International Energy Agency
Read more »
John Kerry Is Looking for Money (to Help Save the Climate)“The 20 largest countries equal 80 per cent of emissions,” John Kerry told billmckibben, in a conversation about his plan to help lead a global transition to clean energy. “If we can get those 20 countries to cut way down, we can win the battle.”
Read more »
WEDUSEA To Test World's Largest Wave Energy PrototypeA large scale wave energy project headed by Ireland's Ocean Energy is about to begin a four year trial to test its feasibility.
Read more »
CPS Energy is San AntonioSPONSORED: As a municipally owned utility, CPS Energy provides funding to the City of San Antonio that covers about 27% of the city’s budget each year.
Read more »
Greenpeace to Rishi Sunak: Tax Fossil Fuel Profits and Lower Energy Bills Now\u0022Delay has cost lives. Chaos costs lives. And it will cost more lives this winter and every winter,\u0022 campaigners say. \u0022No one benefits except the oil and gas profiteers.\u0022
Read more »